Fuel prices are up 19% in two weeks. What will bring them down?

Fuel prices are rising to some of the highest levels recorded in years as war in the Middle East pushes up the wholesale costs of oil. Over the past three weeks, prices of petrol have shot up 10p per litre and diesel 20ppl, according to research by the RAC. This means the cost of filling up the average 55-litre family car now costs around £11 more. For diesel, the average pump price has climbed above 161ppl for the first time since November 2023, and data suggests it is on course to hit 170ppl soon. This is because UK refineries are unable to meet the demand for diesel, so most is shipped in from abroad. The situation, brought about due to disruption in the Strait of Hormuz, has reinforced a belief that petrol prices rise quickly when oil markets go up but fall slowly when they come down. Analysts from Wood Mackenzie note that 30% of Europe's diesel imports from the Persian Gulf are currently cut off.